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Tupperware Files for Chapter 11 Bankruptcy as Shares Plummet 57.5%

Sep 18, 2024, 08:03 AM

Tupperware Brands has filed for Chapter 11 bankruptcy after years of declining sales and increasing competition. The company, known for its iconic food storage containers, has been struggling with waning demand and mounting financial losses. Despite efforts to revive the business, including closing its only U.S. factory and moving production to Mexico, the company could not overcome its financial challenges. Tupperware listed assets between $500 million to $1 billion and liabilities of $1 billion to $10 billion. The company's shares plummeted 57.5% following the bankruptcy news. CEO Laurie Goldman cited the challenging macroeconomic environment as a significant factor. The company plans to continue operations during the bankruptcy proceedings and is seeking court approval for a sale.